NZD/USD: bulls were spooked by their own audacity

NZD/USD: bulls were spooked by their own audacity

On the NZD/USD daily chart, the bulls managed to kick the quotes out of the downward trading channel. But the bears were strong enough not to allow the bulls to move higher. There is a consolidation range within 0.696-0.705  levels. A breakout of its lower border will allow us to count on the implementation of 113% and 161.8% targets in the Crab and AB = CD patterns.

On the NZD/USD hourly chart, the expanding wedge pattern has been formed. A rollback towards 38.2% and 50% levels from the 4-5 wave can be used for opening short positions.


SELL 0,701 SL 0,7065 TP 0,691,

SELL 0,702 SL 0,7075 TP 0,692,

BUY 0,7045 SL 0,699 TP 0,715. 


EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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